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Is Your Firm Protected by the Insurance Pyramid?

Professional liability insurance, crime insurance and cyber liability insurance.

To make sure your law practice is fully protected, you need the power of the Insurance Pyramid.

The pyramid is built on three different types of coverage: professional liability insurance, cyber liability insurance and crime insurance. These three coverages protect three essential elements of your practice: professional services, data and information (both digital and paper), and money (belonging to you and your clients).

“The playing field has changed,” says Adam Gwaltney, who specializes in professional liability and cyber liability coverage at Ritman Insurance. “The Rules of Professional Conduct have changed. The bar has been pushed much higher for practitioners. You have three different things to protect. You have to protect your clients’ money, you have to protect their information, and you have to protect the professional services that you’re providing them. All of these three things are forever intertwined, and you’re never going to unravel them.”

Gwaltney was a panelist on a recent Alta Pro webinar, “Top 10 Things to Do to Avoid a Data Breach,” along with Brandon Abshier and Trenton Gill of Reminger Attorneys at Law.

Watch the webinar here.

Plan to attend our next CLE webinar in December, which will cover other hot cybersecurity topics. Free webinars are one of the many benefits of belonging to Alta Pro Lawyers RPG. You also get access to the Pro Practice Playbook, Reminger ProLink, Ask the Risk Pro and more. Here’s how to join.

“Technology has put us in this spot,” says Gwaltney. “To protect money, you have to look at crime insurance. It protects money and securities, it’s that simple. Data and information is protected by cyberliability insurance. We talk electronic, electronic, but there are a lot of law firms that still have paper files. So we can’t forget about that. We have to talk about paper file storage and paper file security, how long should we retain files? Then we have professional services. That’s covered by a legal professional liability policy.”

Rule of Professional Conduct 1.1 Competence – Comment 6
“To maintain the requisite knowledge and skill, a lawyer should keep abreast of changes in the law and its practice, including the benefits and risks associated with the technology relevant to the lawyer’s practice, engage in continuing study and education and comply with all continuing legal education requirements to which the lawyer is subject.”

Get protection and peace of mind with cyber liability insurance protection. Want a no-obligation quote on coverage to suit your practice needs? Contact Alta Pro Insurance today.

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